Stocks to Watch Thursday: MRVL, NXPI, and More
After Nvidia (NVDA) surpassed Microsoft (MSFT) by market capitalization size, investors increased their holdings in chip stocks.
Marvell Technology (MRVL) gained 6.32% on Wednesday to close at $66.30. The stock is on the verge of breaking out of the trading range. Investors should exercise caution in building a position in MRVL stock. In the last quarter, the company re-affirmed its product pipeline. As a result, investors should not expect any news between now and its analyst event on June 17.
NXP Semiconductor (NXPI) continued to bounce back from a $148.09 low set in April. The stock gained 5.56% to close at $210.02. NXP is laser-focused on delivering products on time. It is pivoting from an automotive product design cycle that lasted for five years.
Looking ahead, NXP expects around 60% of its automotive business to be processor-based. As the automotive processing market expands, NXP’s growth will improve.
Among the stocks that might bounce back from selling pressure, watch Dollar Tree (DLTR). The stock lost 8.37% after issuing a full-year EPS outlook of $5.15 to $5.65. The firm now has 9,000 stores. Comparable net sales will improve as the firm adds new customers and manages its expenses.
CrowdStrike (CRWD) might recover after issuing an unimpressive outlook. In addition, the SEC is reviewing its revenue recognition methodology and its IT outage that occurred in July.
Constellation Energy (CEG) topped nearly $300 yesterday. The stock may pull back as investors book profits.
